STRATEGIC MANAGEMENT Flashcards
By studying the_______, firms identify what they might choose to do.
EXTERNAL ENVIRONMENT
By studying the __________, firms identify what they can do.
INTERNAL ENVIRONMENT
Traditional sources of advantages can be overcome by competitors’ international strategies and by the flow of resources throughout the _______.
GLOBAL ECONOMY
The ability to study an internal environment in ways that are not dependent on the assumptions of a single country, culture, or context.
GLOBAL MIND-SET
Understanding how to leverage the firm’s bundle of heterogeneous resources and capabilities.
ANALYSIS OUTCOME
By exploiting their core competencies or competitive advantages, firms create value.
CREATING VALUE
____________, in combination with product-market positions, are the firm’s most important sources of competitive advantage.
CORE COMPETENCIES
________ decisions in terms of the firm’s resources, capabilities, and core competencies:
STRATEGIC
are the source of a firm’s capabilities.
RESOURCES
A firm’s assets, including people and the value of its brand name, that represent inputs into a firm’s production process
RESOURCES
represent the capacity to deploy resources that have been purposely integrated to achieve a desired end state.
emerge over time through complex interactions among tangible and intangible resources.
CAPABILITIES
often are based on developing, carrying and exchanging information and knowledge through the firm’s human capital.
composed of the unique skills and knowledge of a firm’s employees.
include functional expertise of employees.
often developed in specific functional areas or as part of a functional area.
CAPABILITIES
Resources and capabilities that are the sources of a firm’s competitive advantage
CORE COMPETENCIES
A unique and a valuable organizational culture or brand name
HISTORICAL
The causes and uses of a competence are unclear
AMBIGUOUS CAUSE
Interpersonal relationships, trust, and friendship among managers, suppliers, and customers
SOCIAL COMPLEXITY
allows a firm to understand the parts of its operations that create value and those that do not.
VALUE CHAIN ANALYSIS
Primary Activities:
are involved with:
a product’s physical creation.
a product’s sale and distribution to buyers.
the product’s service after the sale.
Support Activities:
provide the assistance necessary for the primary activities to take place.
VALUE CHAIN ANALYSIS
Activities used to receive, store, and disseminate inputs to a product.
INBOUND LOGISTICS
Activities necessary to convert the inputs provided by inbound logistics into final product form.
OPERATIONS
Activities involved with collecting, storing, and physically distributing the product to customers.
OUTBOUND LOGISTICS
Activities completed to provide the means through which customers can purchase products and to induce them to do so.
MARKETING AND SALES
Activities designed to enhance or maintain a product’s value.
SERVICE
Activities completed to purchase the inputs needed to produce a firm’s products.
PROCUREMENT
Activities completed to improve a firm’s product and the processes used to manufacture it.
TECHNOLOGICAL DEVELOPMENT
Activities involved with recruiting, hiring, training, developing, and compensating all personnel.
HUMAN RESOURCE MANAGEMENT
Activities that support the work of the entire value chain (general management, planning, finance, accounting, legal, government relations, etc.).
FIRM INFRASTRUCTURE
_________is the purchase of a value-creating activity from an external supplier.
OUTSOURCING
Slide 44
Slide 44
